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This is a time of innovation, and one way law firms can prepare for a future we can't yet see is through leveraging two key levers: the need for empathy and iteration.
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Firm leadership must think about their talent (and that means all their talent) differently than they do today: as a core business asset whose managed value can make or break the firm's success.
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It is not accidental that funding the creation or growth of law firms and practice groups has tended to follow a traditional path. Rather, this circumstance is a combination of traditional legal temperament and structural barriers to innovation. Recently, there have been changes to both.
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Office drama can be a big problem for law firms. Whether it is showing up as office gossip, the partner who is terrible to their associates and staff, two people who just cannot seem to get along, or a revolving door of lawyers or staff, drama can be distracting, hamper productivity, and reduce billable hours.
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No one would have predicted hybrid operations — but hybrid is here to stay. Firms have a lot to gain in terms of creating a new culture that attorneys love but that new culture will be built on flexibility and dynamism only technology can manage.
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This article reminds readers of §409A's draconian penalties and specific guidance of amending modifying, amending or terminating existing nonqualified deferred compensation plans.
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The New Reality, for which law firms are scrambling to equip themselves, is that law firms no longer define their own service levels. Now it's the clients, and they have clear expectation parameters.
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The U.S. Department of Labor has proposed a rule that would make it more difficult for independent broker-dealers (IBDs), insurers, and other companies to treat professionals who want to flourish in the gig economy as independent contractors.
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Today we see outsourcing accelerating as the pandemic has served to highlight the traditional benefits of outsourcing: cost reduction, flexibility, expertise and efficiency. But providers need to do something more to increase satisfaction rates among their law firm clients.
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Many law firms are hunting for talent with a focus on traditional "industry experience" and prestigious educational backgrounds as familiar criteria in their candidate search process. But what if law firms are missing high value talent — on both the legal and administrative side — that may be right under their nose?